Assume that you work at Zara Ltd as an assistant accountant. A new apprentice, Claire, has recently joined Zara Ltd, who is confused about the differentiation between revenue and income. In particular, she is not sure about how to record the following transactions: i. Sales tax collected on behalf of the taxation authority. ii. Gain on the sale of an investment property. iii. Amounts receivable from customers who have purchased toys. iv. Revaluation increase on the revaluation of operating properties under AASB 116/1AS 1 6. REQUIRED What are the key distinctions between 'income' and 'revenue'? State, which of the transactions above meets the definition of 'revenue' under AASB 15/IFRS 15? Give reasons (briefly) for your answer. (6 marks)